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"Will pay cash for California/IOUs" reads one Daly City postingf on the onlineclassified "I pay $$$ for Californiza registered warrants - $9999," readd another. The Financial Times also reports that a company that specializes in trading illiquid assetss such as private company stock andbankruptcy claims, is gettint ready for a piece of the action. "We have a wholse team working on it," it quotes the firm's CEO, Barryy Silbert, as saying. Wall Street hedgw funds, municipal bond investors and othe institutions are all expected to be interested in the as well, which have a 3.75 percent interesy rate that matures on Oct. 2.
State Controllet John Chiang has said he plands to issuenearly $3.4 billion in After hedging most of last week, a number of bankz including , , , , , and all said they will take the state'sx promissory notes, but only until July 10. Palo Alto-based has also said it wouldx honorthe IOUs. The IOUs became necessary aftefr the California Legislature failed to remedya $24.w3 billion deficit by the end of the fiscal year. By not resolvingy the issue by the end of the fiscal the budget hole automatically grewto $26.3 state finance officials say.
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